Comparison site compareit4me.com announced today that it had secured $3.5 million from existing investors which include Wamda Capital, STC Ventures, Dubai Silicon Oasis Authority and Saned Partners, in its latest phase of funding.
The site has launched in March 2016, and since then the insurance business has grown to sell $1.5 million worth of insurance policies on a monthly basis, and it’s expecting to reach $5 million per month by the end of the year.
Angus Paterson, Partner at Iris capital said: “Our commitment of further funds to compareit4me illustrates our belief in the founders’ ability to scale their insurance business across the UAE and the wider GCC. And with compareit4me soon to enter Said Arabia with its insurance comparison platform, we see enormous opportunities for the business.”
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